House Energy Action Team
I thank the gentleman for yielding. Mr. Speaker, we know the tremendous potential of energy production here in America. Recent studies show just how much energy we have available. In fact, by 2020, in the West we could produce as much oil…
I thank the gentleman for yielding.
Mr. Speaker, we know the tremendous potential of energy production here in America. Recent studies show just how much energy we have available. In fact, by 2020, in the West we could produce as much oil and gas as the U.S. is currently importing from Saudi Arabia, Iraq, Kuwait, Venezuela, Colombia, Algeria, Nigeria, and Russia combined. The West alone has the potential to produce more than 1.3 million barrels of oil every single day. That's more than our current imports from Russia, Iraq, and Kuwait combined. If we're serious about creating American jobs, serious about lowering energy prices, and breaking our dependence on foreign oil, we must invest in energy resources and reserves within our borders.
In North Dakota, we know the potential of oil and natural gas. The last U.S. Geological Survey estimated that the Bakken field held nearly 4 million barrels of recoverable oil; but the new estimates, as the gentleman from South Carolina said, suggest that the
Bakken formation offers at least 12 billion barrels of recoverable oil.
We produce more than 355,000 barrels of oil each day. We are home to the largest deposit of lignite coal in the world. Our State holds tremendous wind potential as well, and we've attracted thousands of jobs to North Dakota. It is projected by 2020 that jobs in the oil industry will increase by over 16,000. That is a direct result of developing these energy resources in North Dakota. That's a 35 percent increase over 2010 levels.
North Dakota's unemployment is less than 3.5 percent. It's 3.2 percent. In western North Dakota, where Bakken development is taking place, we can't find enough people to work. In that county, unemployment is below 1 percent. Starting wages for people are over $80,000. We need people to help increase this supply of oil.
I just think every day when I'm out here and coming back from North Dakota, imagine what we could do if our whole country had the same approach as we do in North Dakota, the jobs that we could create across this country and the security that we could protect within our country by reducing our dependence on foreign oil. We could reduce our 9.2 percent unemployment rate if we move forward with energy development. We have to get rid of the burdensome regulations which are preventing businesses from creating American jobs.
This is not the time to restrict energy production and prevent jobs from being created. Yet that is exactly what the President's policies have done. In fact, I've kind of joked, if you want to see exactly what not to do to increase the supply and lower the price and reduce the cost of energy for individuals and businesses, small businesses across America, look at what's happening out here in our Nation's Capital.
The President's official moratorium on drilling cost 12,000 jobs. Declining energy production in the Gulf of Mexico is costing the U.S. over $4.7 million a day in lost revenue. Overreaching government regulations continue to hinder energy production in the United States. With thousands of Americans still out of work and prices at the pump remaining high, now is not the time to slow down our energy growth. Now is the time to invest in our own energy resources. We need a long-term, commonsense energy plan like EmPower in North Dakota. We need a plan that will lower energy costs, that will create jobs and break our dependence on foreign oil. We did it in North Dakota. We can do it across America.
We can create good-paying American jobs, we can lower energy prices, and we can break our dependence on foreign oil. It's time to work together to end the overregulation, to encourage energy development, and to work to strengthen America's energy potential.
Thank you.